The Nigerian equities market staged a strong comeback on Monday, adding N1.52 trillion in market value as renewed investor appetite for banking stocks halted a string of recent losses and lifted the benchmark index close to the 240,000-point mark.
The bullish session saw the All-Share Index (ASI) rise by 0.97 per cent to close at 238,219.19 points, up from 235,941.27 points recorded in the previous trading session. As a result, the market’s year-to-date return improved to 53.08 per cent from 51.62 per cent a week earlier.
Market capitalisation expanded by N1.52 trillion to N152.85 trillion, underscoring a significant recovery in investor wealth after recent bearish sessions that had weighed on sentiment across the bourse.
Analysts attributed the rebound largely to bargain hunting and renewed demand for fundamentally strong stocks, particularly tier-one banking counters, following the market’s recent pullback.
Despite the broad market recovery, market breadth remained negative at 0.57 times, with 37 stocks closing lower against 21 gainers.
Leading the rally were First HoldCo Plc, Guaranty Trust Holding Company Plc (GTCO), and Zenith Bank Plc, which recorded gains of 10.00 per cent, 10.00 per cent and 7.09 per cent respectively. Their advances more than offset declines in Eterna Plc, Deap Capital Management & Trust Plc and Austin Laz & Company Plc, which shed 9.90 per cent, 9.82 per cent and 9.74 per cent respectively.
Trading activity also strengthened significantly, reflecting improved investor participation. Total volume traded increased by 8.05 per cent to 475.82 million shares from 440.36 million shares, while the value of transactions surged by 47.86 per cent to N36.49 billion from N24.68 billion.
The number of deals executed rose by 26.4 per cent to 63,567 transactions, compared with 50,273 trades recorded in the previous session, indicating heightened market engagement.
Fidelity Bank Plc emerged as the most actively traded stock by volume, accounting for 48.75 million shares exchanged, while MTN Nigeria Communications Plc dominated the value chart with transactions worth N16.64 billion.
Market operators noted that the strong rebound suggests investors are beginning to take advantage of lower valuations created by recent market weakness. They added that sustained interest in banking stocks and other fundamentally sound counters could provide further support for the market in the near term.
The positive outing marks one of the strongest recoveries in recent sessions and signals renewed confidence among investors as the market enters the second half of the year.
